North Texans now eligible for SBA loans to repair August flood damage
The US Small Business Administration has issued a disaster declaration for Dallas County and the surrounding counties in connection with flooding between August 22nd and August 25th. The decision means people and businesses in north Texas are eligible for low-interest loans to help them recover from damage caused by that flooding.
Texas Governor Greg Abbott had requested the declaration earlier in the week and it was granted by the SBA.
"We're offering disaster loans for businesses of all sizes. Low-interest government loans, basically, for business, homeowners and non-profits," said Barbara Nitis with the SBA. The declaration covers Collin, Dallas, Denton, Ellis, Kaufman, Rockwall and Tarrant Counties.
Dallas County Judge Clay Jenkins urged people affected by the flooding to consider applying for federal aid.
"If you are unable to get a loan somewhere else, you are able to get a loan (from the SBA) it can last as long as 30 years and it's up to $200,000," he said.
The loan guidelines for individuals and families allows for loans of up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property. Renters can also apply for loans of up to $40,000 to repair or replace personal property. Businesses can seek loans of up to $2 million to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed. That program is available to businesses of any size and private, non-profit organizations.
"I thank the Texas Division of Emergency Management for working with the SBA to determine Texas' assistance eligibility for the long-term, low-interest loans now available to Texans," Gov. Abbott said. "The State of Texas will continue working non-stop to help North Texas residents and businesses rebuild and recover from economic injury and physical damage caused by the flooding."
The SBA will also set up two outreach centers in north Texas starting on Monday to provide assistance. Those will be located at the Samuell-Grand Recreation Center at 6200 East Grand Avenue in Dallas and the Balch Springs Recreation Department at 4372 Shepherd Lane in Balch Springs.
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